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Analytics
Crypto Millionaires Have Increased by 95%. What Does This Have To Do With Bitcoin ETFs?
08/28/2024

Crypto Millionaires Have Increased by 95%. What Does This Have To Do With Bitcoin ETFs?

08/28/2024
4,4

The current bull market has become a fertile ground for more and more crypto millionaires and crypto billionaires to emerge.

172,000+ crypto millionaires in 2024 

A report by New World Wealth and Henley & Partners found that in 2024, the number of new crypto millionaires has grown by 95% and Bitcoin millionaires by 111%. 172,300 people around the world now own more than $1 million worth of cryptocurrency. 85,000 people own Bitcoin alone worth $1 million or more. 

The report also singles out the centimillionaires: those who own cryptocurrency and Bitcoin worth $100 million or more. Among them, there are a total of 325 people who own different cryptocurrencies and 156 people who own only Bitcoin. This segment of investors has also grown over this year. 

Interestingly, 11 people became Bitcoin billionaires, which is 83% more than last year. This shows Bitcoin's dominance among long-term investors. The number of crypto billionaires increased by 27% to 28 people. 

However, it is worth emphasizing here that the actual number of crypto millionaires cannot be tracked. One person may own several wallet addresses. 

Richest crypto billionaire

According to Forbes, former Binance CEO, Changpeng Zhao, remains the richest crypto billionaire. His fortune is estimated at $33 billion dollars. And despite litigation, his fortune has grown by $10.5 billion. 

Other crypto rich following Zhao on the list include Coinbase CEO, Brian Armstrong and Tether CFO, Giancarlo Devasini. 

What impacted the growth in the number of crypto millionaires?

In the first half of 2024, Bitcoin managed to reach a new all-time high at $73,750. This led to an increase in the demand of the main cryptocurrency in the market. Due to the popularization of Bitcoin, more and more people paid attention to its potential. And the main rise in the number of crypto millionaires was due to the increase in the number of long-term Bitcoin investors. Five out of six crypto billionaires are Bitcoin investors. 



Apart from the bullish trend in the market in early 2024, there are several other reasons for the rise in the number of crypto millionaires.

Relocation to crypto-friendly countries 

The report notes that one of the main reasons for the surge in the number of crypto millionaires and crypto billionaires is relocation to cryptocurrency-friendly countries. Investors primarily look for low or zero taxes, legal protection, and support for innovation. 

The list is topped by Singapore, which has a favorable banking system, significant investment and comprehensive regulation through the Payment Services Act, regulatory sandboxes and compliance with global standards. 

Singapore is followed by Hong Kong, the UAE, and the US. 

How did Bitcoin ETFs create new billionaires? 

The emergence of Bitcoin ETFs has been a major catalyst for the rise in the number of crypto millionaires this year. Among all the spot funds currently in existence, Blackrock has become the most popular Bitcoin fund. Analysts from Bloomberg predicted that the Blackrock fund could surpass Satoshi Nakamoto's stake. 

Since its appearance in early 2024, Bitcoin ETFs have significantly influenced the price dynamics of the main cryptocurrency and not only, attracting a new layer of investors who would not have previously risked diving into the world of cryptocurrencies. As a result, more and more crypto millionaires and crypto billionaires started to appear on the market. 

At the time of writing, the cumulative inflow into Bitcoin ETFs totaled $18.3 billion, which was a new record. 

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.

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